Professional Documents
Culture Documents
1D
(%)
MTD
(%)
YTD
(%)
FSSTI
2729.91
-2.65
-5.30
-5.30
Dow Jones
16514.1
-2.32
-5.23
-5.23
S&P 500
1943.09
-2.37
-4.93
-4.93
NASDAQ
4689.426
-3.03
-6.35
-6.35
FTSE (UK)
5954.08
-1.96
-4.62
-4.62
Nikkei
17767.34
-2.33
-6.65
-6.65
Hang Seng
20333.34
-3.09
-7.21
-7.21
Shanghai Composite
3125.002
-7.04
-11.70
-11.70
24.99
21.37
37.23
37.23
VIX
1565.3
1613.1
3549.9
2726.9
1D
(%)
MTD
(%)
YTD
(%)
1.2
0.0
0.5
0.5
1.6
-0.3
-5.1
-5.1
SG 10 YR Bond Yield
2.4
-3.8
-6.3
-6.3
US 10 YR Bond Yield
2.1
-1.1
-5.5
-5.5
As at 8.00am SG time
CLOSE
1D
(%)
MTD
(%)
YTD
(%)
Dow Jones
16421.0
0.0
-5.3
-5.3
S&P 500
1934.1
0.1
-5.0
-5.0
NASDAQ
4292.8
0.1
-6.4
-6.4
CLOSE
1D
(%)
MTD
(%)
YTD
(%)
1109.3
0.0
4.5
4.5
US FUTURES
COMMODITIES
Crude Oil
33.3
-2.1
-10.2
-10.2
Baltic Dry
445.0
-4.7
-6.9
-6.9
6335.0
-1.4
-9.6
-9.6
Yahoo! Inc slid 6.2%, the most since May. Boeing Co and General
Electric Co dropped more than 4.1%, two of Dows three worst
today. Energy shares in the Standard & Poors 500 Index declined to
a five-year low. The S&P 500slid 2.4% falling to its lowest since Oct
1 in the worst four-day start to a year in data going back to 1928.
SG MARKET SUMMARY
Gold
FSSTI INDEX
3600
3500
3400
3300
3200
3100
3000
2900
2800
2700
01/15 02/15 03/15 04/15 05/15 06/15 07/15 08/15 09/15 10/15 11/15 12/15
Source: Bloomberg
Page
OTHER HIGHLIGHTS
Standard & Poors Ra ngs Services (S&P) followed in the footsteps
of Moodys and lowered its long-term corporate credit ra ng on
Noble Group Ltd ($0.345, down 0.035) to BB+ from BBB-. At
the same me, it lowered the long-term issue ra ng on Nobles
outstanding senior unsecured notes to BB from BBB-. In addi on,
it also lowered the long-term Greater China regional scale ra ng on
the company to cnBBB from cnBBB+ and on its notes to cnBB+
from cnBBB+. The ra ngs remain on CreditWatch with nega ve
implica ons.
The downgrade reflects the companys liquidity posi on which is
below what S&P expect for a strong liquidity posi on, despite the
sale of its agricultural unit. In S&P view, the companys credit standing
in the capital markets and with lenders has weakened, reflected in
its depressed securi es prices. The ra ng remains on CreditWatch
nega ve because the outlook for the companys capital raising could
be challenged by the weak commodity markets. S&P notes that the
company has a good track record in execu ng on its capital plans,
including the recent sale of Noble Agri Ltd. However, the current
depressed commodity markets and heightened risk aversion by
lenderS could complicate the companys fund raising plans for the
next few months. In addi on, S&P believe the companys earnings
and cash flow visibility is limited and there could be heightened
downside risks to the base-line expecta on as the commodi es
industry downturn looks to be prolonged.
S&P expects Nobles profitability to face constraints in the next 12
months. The companys earnings visibility is low amid a challenging
opera ng market with heightened vola lity.
While traders such as Noble are less vulnerable to weakness in
commodity prices than commodity asset owners, nonetheless, Noble
is not immune to the weak opera ng environment. In par cular, the
credit quality of the companys trading counterpar es may decline
and therefore increase its risk profile and earnings vola lity. Since
Moodys downgrade at the end of Dec15, Nobles share price has
fallen 14%. The latest downgrade by S&P coupled with con nued
selling pressure of global equi es and commodi es may see further
downside pressure.
Advanced Integrated Mfg ($0.255, unchanged) announced that its
wholly-owned subsidiary, Hao Mart Pte. Ltd. (previously known
as IMS Corpora on Pte. Ltd), has entered into an asset purchase
agreement for the acquisi on of a minimart business located at Blk
310 Yishun Ring Road #01-1230 Singapore 760310 for S$100k.
This acquisi on is expected to provide an addi onal revenue
stream for the Group, and is part of the Groups strategy to pursue
diversifica on to strengthen the Groups opera ons and financial
posi on and to ensure con nued growth and success of the Group.
Global Yellow Pages ($0.155, down 0.7 cents) announced that its
indirect wholly-owned subsidiary, Global Food Retail Group (GFRG),
has entered into a collabora on agreement with Aimers Co Ltd
(ACL). Both par es agree to cooperate to jointly develop the retail
business under the Wendys brand and its related products, and
the Gang Ti business which involves the retail sale of fried chicken,
drinks and other food products under the Gang Ti trademark. The
company understands that ACL, a company incorporated in the
Republic of Korea, currently operates the Gang Ti business in Korea
and is the legal and beneficial owner of the intellectual property
rights in and to the Gang Ti business. This proposed collabora on is
not expected to have a material impact on the companys financial
performance for FY16.
CNMC Goldmine ($0.188, unchanged) announced that its Sokor
Gold Project has produced a total of 31.2k ounces of fine gold for
FY15, represen ng the highest produc on output on record for a
financial year since the start of the companys gold produc on in
Jul-10. As compared to the previous record set in FY14 of 26.1k
ounces of fine gold, this reflects an increase of approximately
19.5%.
With reference to the previous announcements that it is to purchase
Hong Kong stockbroking firm Winfield Securi es Limited, iFast Corp
($1.19, down 10.5 cents) updated that this proposed acquisi on
has been completed on 06-Jan-16. The purchase considera on
has been revised from the es mated HK$14.7mln to HK$15.8mln
a er reviewing the updated accounts of Winfield Securi es at
comple on date.
HTL Intl ($0.685, unchanged) announced that Guangdong Yihua
Timber Industry has proposed to acquire the company through
the oer of S$1.00 per share by way of scheme of arrangement.
However, this oer is condi onal upon the proposed acquisi on
being approved by the shareholders of Yihua Timber in a general
mee ng; the proposed acquisi on being sanc oned by Na onal
Development and Reform Commission of Guangdong Province; the
proposed acquisi on being approved by Shantou Administra on of
Foreign Exchange; and the proposed acquisi on being approved by
Department of Commerce of Guangdong Province.
Yihua Timber has already entered into an agreement with HTLs
controlling shareholder, BEM Holdings, Phua Yong Tat, Phua Yong
Pin and Phua Yong Sin for this proposed acquisi on. Addi onally,
Yihua Timber has also entered into an undertaking agreement with
BEM and have agreed certain steps to be taken to implement this
proposed scheme. Guangdong Yihua Timber Industry is a company
incorporated in the PRC and listed on the Shanghai Stock Exchange.
The Yihua Group is primarily engaged in the manufacture,
processing and sale of wooden products (including wooden
furniture and wooden floors). It distributes its products within the
Chinese domes c market and to overseas markets.
1 NOBLE GROUP
9.92
1 GOLDEN AGRI-RESOURCES
2 HUTCHISON PORT-U
8.94
2 NOBLE GROUP
0.35
3 ASCENDAS REIT
7.17
3 HONGKONG LAND
0.57
4 KEPPEL CORP
6.96
4 UOL GROUP
0.61
6.11
5 CAPITALAND LTD
0.76
0.34
1 NOBLE GROUP
3.53
1 YANGZIJIANG SHIPPING
3.48
2 YANGZIJIANG SHIPPING
6.55
2 SIA
4.29
3 KEPPEL CORP
7.70
3 KEPPEL CORP
7.52
4 SEMBCORP INDUSTRIES
7.96
4 SEMBCORP MARINE
8.24
5 DBS GROUP
8.79
5 COMFORTDELGRO
8.58
Page
SHARE TRANSACTIONS
Company
Party
ACQUISITIONS
GSH Corpora on
Ho Bee Land
Hong Fok Corpora on
Interna onal Healthway Corp
SinoTel Technologies
Tiger Airways Holdings
Willas-Array Electronics
DISPOSALS
AA Group Holdings
Elektromo ve Group
The Hour Glass
Liao ChunLan
Advance Opportuni es Fund
Jannie Chan
04 - 06 JANUARY
OCTOBER
Transacted
Market
New
Price* ($)
Price ($)
Balance
Stake
(%)
Buy
Sell
103,800
103,000
48,400
655,500
700,000
24,800,100
60,400
0.251
1.998
0.728
0.091
0.128
0.45
0.813
952,591,275
488,721,600
135,372,595
311,916,200
360,366,067
1,418,256,141
19,516,970
48.18
73.36
17.10
18.80
85.20
56.72
25.85
5,205,102
35,000,000
1,500,000
0.104
0.003
0.78
13,863,773
139,083,112
344,791,669
14.40
8.42
48.91
SHARE BUYBACK
Company
AEM Holdings
A-Sonic Aerospace
Courts Asia
GCCP Resources
GP Ba eries
HG Metal Manufacturing
IsoTeam Ltd
OCBC
PACC Oshore Services
Powerma c Data Systems
Q & M Dental Group
SIA Engineering
No. of shares
Price
($)
Cumulave
Purchases
Of Maximum
(%)
19,300
23,000
54,000
2,900,000
49,900
985,400
1,400,000
200,000
100,000
45,500
363,500
41,600
0.28
0.295
0.38
0.116
0.92
0.039
0.63
8.58
0.30
0.93
0.70
3.70
376,300
3,194,700
13,156,900
36,300,000
5,170,300
24,782,500
2,600,000
7,150,000
7,494,600
405,060
3,028,400
1,271,300
8.5
17.9
24.5
30.4
21.6
19.3
18.2
1.8
4.1
11.6
3.9
1.1
Page
Amount
SPH Reit
Frasers Centrepoint Ltd
Frasers & Neave
Avi-Tech Electronics
1.33 interim
6.2 final
3 final
1.4 special
Last Day
Cum-Dividend
First Day
Ex-Dividend
Date
Payable
08 Jan 16
02 Feb 16
02 Feb 16
12 Feb 16
11 Jan 16
03 Feb 16
03 Feb 16
15 Feb 16
15 Feb 16
19 Feb 16
19 Feb 16
29 Feb 16
SHARE CONSOLIDATION
Company
Consolidaon Rao
Kencana Agri
Memtech Intl
Hupsteel Ltd
Informa cs Educa on
Consolida
Consolida
Consolida
Consolida
on 4 into 1
on 5 into 1
on 5 into 1
on 20 into 1
Ex Date
Record Date
23 Dec 2015
04 Jan 2016
05 Jan 2016
05 Jan 2016
28 Dec 2015
06 Jan 2016
07 Jan 2016
07 Jan 2016
Page
WHATS AHEAD
Sun
J 2016
Mon
Tue
Wed
4
4Q Advance GDP
Esmates
10
Thu
12
13
14
15
16
22
23
29
30
Cambridge Industrial
Trust
Qian Hu Corporaon
SPH
Keppel DC Reit
20
19
18
Keppel Infrastructure
Trust
First Reit
Keppel Reit
Keppel T&T
CapitaLand
Commercial Trust
Frasers Commercial
Trust
M1
24
Sat
SPH Reit
11
17
Fri
25
26
Mapletree Industrial
Trust
27
Lonza Group
Mapletree Commercial
Trust
21
Keppel Corporaon
Soilbuild Business
Space Reit
28
Singapore Dec
Unemployment Rate
& Employment
Mapletree Greater
China Commercial
US FOMC Meeng
US FOMC Meeng
31
Page
WHATS AHEAD
Sun
F 2016
Mon
Tue
Wed
Thu
Fri
Global Logisc
Properes
Sat
UOI
10
11
12
13
14
15
16
17
18
19
20
23
24
25
26
27
UOB
21
22
HTL Internaonal
28
Indofood Agri
Resources
29
Page
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LTS-SPECIFIC / REGULATORY DISCLOSURE
1. LTS does not have a proprietary position in the company / companies as recommended in this report as at the
close of 07/01/16.
2. The research analysts do not have an interest in the company / companies as recommended in this report as
at the close of 07/01/16.
Includes direct or indirect ownership of securities or Futures Contracts (excluding the amount of securities or Futures
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Page